Select Committee on Science and Technology Minutes of Evidence

Memorandum by Stephen Reeders


  MVM Ltd is British venture capital fund manager that is dedicated to healthcare. It was formed in 1997 by the Medical Research Council ("MRC") and works closely with the MRC. Although owned by the MRC, MVM has raised all its investment capital from large pension funds, funds-of-funds, endowments and corporations. MVM currently manages about £150 million. Investors in MVM are drawn from three continents: Goldman Sachs (USA), Pfizer (USA), Johnson and Johnson (USA), 3i (UK), Shell Pension Fund (UK), European Investment Fund, Wallace H Coulter Foundation (USA), Swiss Re (Switzerland), Prudential Portfolio Managers (UK), Friends Provident (UK), Scottish Widows (UK), and Mitsubishi Corporation (Japan). The strength of MVM's investor base is a testament to MVM's reputation in the market.

  MRC set up MVM in response to the reluctance of British venture investors to provide capital for emerging UK healthcare companies. Much of the venture capital managed in London was being invested in the USA. The most striking funding gap was for capital to start new companies that plan to develop cutting edge technologies. Since 1999, MVM has founded and invested in nine start-up companies and invested in a further four very early-stage companies.

Stephen Reeders



February 2002

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